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1.79%^pa

Comparison rate*
2.06%pa

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2.09%^*pa

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6.95%pa

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7.16%pa

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11.95%pa

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May 2021 RBA interest rate announcement

Hume Bank
05/05/2021

At its May meeting, the RBA board left the official cash rate unchanged at 0.10%.

In the statement published on its website, the RBA board confirmed that it will not increase the cash rate "until actual inflation is sustainably within the 2 to 3 per cent target range. For this to occur, the labour market will need to be tight enough to generate wages growth that is materially higher than it is currently. This is unlikely to be until 2024 at the earliest."

The RBA also noted the following points:

  • The economic recovery in Australia has been stronger than expected.
  • Housing markets have strenghtend.
  • The unemployment rate is expected to continue to decline.

You can read the full statement on the RBA's website.